Richest hedge fund founder George Soros’ fund bought 7.9 percent of the Class A shares in Manchester United, the English soccer club that had an initial public offering this month.
George Soros disclosed the stake in Manchester United in a regulatory filing today. Manchester United, which has won a record 19 championships, raised $233.3 million in its U.S. offering on Aug. 9. The shares have tumbled 6.7 percent since the IPO.
The IPO price gave the Glazer family’s team an enterprise value of $2.9 billion, about $1 billion more than the value of Spain’s Real Madrid. The Glazer family bought the team in 2005 and has 99 percent of the voting rights. The company is using the proceeds of the stock sale to pay down debt.
Michael Vachon, a spokesman for Soros, didn’t comment.
Everton today defeated Manchester United 1-0 to complete the first round of games in the English Premier League soccer season. It’s the fourth time in 21 attempts that Everton has beaten United in the Premier League at Goodison Park.
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